PEG Newsletter Week of 11/27/2023
PEG Updates
Good morning! Hope you all had a wonderful Thanksgiving and good luck on finals. Enjoy your winter break!
If you haven’t already, please be sure to register for the 23rd Annual Chicago Booth Private Equity Conference. Private Equity Group members can use the promo code PEGROUP24 for $10 off. The conference will be held on Friday, March 1st.
Relevant Programming
PEG Programming
23rd Annual Chicago Booth Private Equity Conference
When: Friday, March 1 | 8:00am-5:30pm CDT
About: The 23rd Annual Chicago Booth Private Equity Conference, hosted by the Chicago Booth Private Equity Group and the Polsky Center, is an annual event that brings together investors, students, and entrepreneurs to network and share insights into the dynamics of investing in a constantly changing economy. The conference builds on Booth's tradition of bold and thoughtful conversation to provide private equity practitioners with knowledge from both industry and academia that would be hard to find in any other setting. This year’s keynote speakers are Carl Thoma (Founder and Managing Partner, Thoma Bravo), Pete Stavros (Partner and Co-Head of Global Private Equity, KKR), and Rachel Arnold (Senior Managing Director, Co-Head of Endeavor Fund, Vista Equity Partners)
Where: Chicago Marriott Magnificent Mile
Registration: Link
Polsky Center Programming
Private Equity Case Challenge (PECC) Finals
When: Thursday, November 30 | 2:00-5:00pm CDT
Where: Gleacher Center
About: The Private Equity Case Challenge (PECC) is a case competition that enables teams to assess the potential for a leveraged buyout of a publicly-listed company. The winning team of the PECC will advance to compete in the Oxford Global Private Equity Challenge. Each team will present its case to a panel of private equity judges and participate in a lively Q&A session.
Registration: Link
Application Deadline: Sterling Partners Investment Thesis Challenge (SPITC)
When: Thursday, January 4 at 11:59pm CDT
About: The Sterling Partners Investment Thesis Challenge (SPITC) enables Chicago Booth student teams to work with mentors at private equity firms over several months to develop original investment theses and recommend execution strategies.
Application: Link
Career Services Programming
ITP (Interview Training Program) Volunteer Opportunity
About: Career Services is looking for second year PE volunteers for ITP (Interview Training Program) on November 28 – December 8. Register as a Mock Interviewer here! This is an opportunity to pay it forward and hone your interviewing & feedback skills. All industry/functions are needed and mocks can be virtual or in-person. Career Services will provide the necessary resources to help you lead mock interviews. Your participation makes this program invaluable for 1Ys! Please reach out to Kendall Abbey at kendall.abbey@chicagobooth.edu with any questions. Thank you for your help!
Story of the Week
Boomerang: Sam Altman has reached an agreement to return to OpenAI as CEO, after a series of unfortunate events. Greg Brockman is also coming back.
- A new board will be chaired by Bret Taylor, the former Salesforce co-CEO who also chaired Twitter during Elon Musk's takeover battle.
- Other directors will include Larry Summers, who no longer is affiliated with OpenAI investor Andreessen Horowitz, and holdover Adam D'Angelo. Off the board will be independent directors Tasha McCauley and Helen Toner, plus OpenAI co-founder Ilya Sutskever.
- Silicon Valley has a vibrant history of fumbles and self-owns, but nothing quite like what happened here. A small group of effective altruists tried to sideline a founder who now ends up with even more power than he had before. If a primary concern was that Altman callously jumped safety guardrails, their actions gifted him a trampoline.
PE Deals of the Week
- Advent International agreed to buy myPOS, a British payment services firm, for more than $500m. https://axios.link/3MKV14q
- Blackstone agreed to buy Civica, a London-based provider of public sector software, from Partners Group. No financial terms were disclosed, but WSJ reported a price of around $2.5b (including debt). https://axios.link/46lLOXr
- Gemspring Capital Management acquired Fenceworks, a Riverside, Calif.-based fencing installer and distributor for homebuilders. www.fenceworks.us
- GTCR agreed to buy Cloudbreak Health, a provider of telehealth and video remote interpretation solutions, from UpHealth (NYSE: UPH) for $180m in cash. https://axios.link/47i0eZU
- McDonald's (NYSE: MCD) agreed to acquire Carlyle's minority stake in a group that operates McDonald's business in mainland China, Hong Kong and Macau. The business will continue to be majority owned by CITIC Capital, with McDonald's increasing its stake to 48% from 20%. No financial terms were disclosed. https://axios.link/3RgQc5P
- One Equity Partners agreed to acquire the measurement solutions unit of TechnipFMC (NYSE: FTI). www.technipfmc.com
- Skky Partners, the PE firm led by Kim Kardashian and Jay Sammons (ex-Carlyle), acquired a minority stake in Truff, a Costa Mesa, Calif.-based maker of truffle-infused hot sauces and other condiments. It's the first deal for Skky, which hasn't yet held a first close on its debut fund.
- Thoma Bravo agreed to buy German corporate communications and compliance firm EQS Group (ETR: EQS) for around €400m. https://axios.link/3MI12Pm
Career Opportunities
*Please continue to monitor GTS for additional internship and FT opportunities*
**Roles below are opportunities not listed on GTS**
Internship Opportunities
2024 Private Equity Summer Associate
Firm: Vista Equity Partners
About: Vista Equity Partners’ Summer Associate position provides an immersive training and hands-on experience to develop valuation, due diligence and deal execution skills in addition to the best practices of portfolio company management. Working with investment professionals of all levels, learn how a sector-specific private equity investor identifies, evaluates, and executes on new opportunities. With combined aspects of M&A investment banking and consulting operational focus, the internship program will give you the foundation to develop into a successful private equity investor. The Summer Associate program is a 10-week, full time internship designed for candidates without private equity experience but have a strong interest in investing, software and building a long-term career within the Vista team. Upon completion of the program, successful Summer Associates are eligible to receive full time offers for a Summer 2025 start for either our Chicago, IL, Austin, TX or San Francisco, CA locations.
Location: Chicago, IL
Application: Link (Apply by December 10, 2023)
2024 Summer Associate- Private Equity
Firm: Apollo
About: The Apollo Private Equity team works on a broad range of investment opportunities in lean deal teams to evaluate investment opportunities. Core industry verticals include chemicals, manufacturing & industrials, natural resources, consumer & retail, consumer services, business services, financial services, leisure, media, telecommunications & technology and other sectors. Recent examples of Apollo private equity transactions include Yahoo!, Michaels, Legendary Entertainment, and AeroMexico. The Private Equity team has a flexible investment approach to pursue superior risk-adjusted returns across market cycles, with a focus on opportunistic buyouts, corporate carve-outs, and distressed for control transactions.
Location: New York, NY
Application: Link
2024 Summer Associate- Infrastructure
Firm: Apollo
About: Apollo’s Infrastructure Equity team is a dedicated group within Apollo focused on driving investments in infrastructure assets and infrastructure-related companies. Since inception, Apollo has invested over $20 billion in infrastructure across its private equity, credit and real assets platforms.
Location: New York, NY
Application: Link
2024 Summer Associate- Climate Private Equity
Firm: Apollo
About: Apollo Climate Partners is a dedicated team within Apollo Private Equity that works on a broad range of investment opportunities across clean energy, electrified mobility and infrastructure, enabling services and technology and other sectors focused on decarbonization.
Location: New York, NY
Application: Link
As always, please be sure to monitor GTS and Slack as we will provide updates and job opportunities there.
If you have any questions feel free to reach out to any of the PEG co-chairs!
Your PE Group Co-Chairs,
Alec Hutcherson
Anisha Khosla
Christine Shtepani
Drew Kelly
Nick Deering
Rosie Gonzalez
Yong Cho
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